Maputo, Mozambique, May 31, 2010—IFC,
a member of the World Bank Group, announced today that it will invest in
Banco Comercial e de Investimentos to help Mozambique’s second-largest
bank expand its retail operations, improve its balance sheet, and increase
lending to smaller businesses, which face difficulty accessing credit across
much of Sub-Saharan Africa.BCI will use the $30 million loan from
IFC to increase long-term financing to its clients, including individuals
and small and medium enterprises. The loan will be IFC’s second to the
bank, after an $8.5 million subordinated loan and advisory services package
in 2008 to increase BCI’s capital and help expand its range of products
and services to better serve smaller and women-owned businesses.

Ibraimo Ibraimo, Chairman of the Executive
Committee and CEO at BCI, said, “IFC’s financing will provide Banco Comercial
e de Investimentos with affordable, long-term financing and enable us to
diversify our balance sheet. Banco Comercial e de Investimentos is committed
to expanding our partnership with IFC to increase our loans in the retail
sector and increase access to finance for smaller businesses, both important
drivers of Mozambique’s economy.”

BCI has supported the growth of corporate
banking in Mozambique and demonstrated success focusing on small and medium
enterprises. Working with IFC, the bank aims to increase the volume of
its loans to smaller businesses to the equivalent of more than $165 million
over the next four years, from about $125 million currently. It also aims
to expand its loans to individuals to a significant portion of its loan
portfolio and increase its participation in syndicated loans.

Jean Philippe Prosper, IFC Director
for Eastern and Southern Africa, said, “IFC is committed to strengthening
our partnership with Banco Comercial e de Investimentos, which has recorded
significant success in increasing access to finance for important sectors
of Mozambique’s economy, including smaller businesses. IFC believes in
our partnership with BCI, which reflects our strategy to work with financial
institutions that share our commitment to increase access to financial
services for businesses and people that need it the most.”

About IFC
IFC, a member of the World Bank Group, creates opportunity for people to
escape poverty and improve their lives. We foster sustainable economic
growth in developing countries by supporting private sector development,
mobilizing private capital, and providing advisory and risk mitigation
services to businesses and governments. Our new investments totaled $14.4
billion in fiscal 2009, helping channel capital into developing countries
during the financial crisis. For more information, visit www.ifc.org.